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| XBRL — eXtensible Business Reporting Language | |||
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XBRL (eXtensible Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. XBRL labels companies' financial and other data with codes from standard lists (taxonomies) so that investors and analysts can more easily locate and analyse desired information. XBRL makes the analysis and exchange of corporate financial information easier and more reliable by allowing data to be extracted and processed automatically by XBRL-aware applications. XBRL is a royalty-free, open specification for software being developed by a non-profit consortium consisting of over 170 leading companies, associations, and government agencies around the world. Anyone interested in applying XBRL to business reporting processes can receive a license from XBRL International. See the XBRL International Organisation Website. Specifically, XBRL defines data-formatting conventions and vocabularies for marking up and describing business report data, such as sales or net assets. Like XML, it is tag based. Descriptions in the form of tags or labels are attached to the various pieces of business data. These tags describe the particular piece of data in terms of an agreed-upon vocabulary. That vocabulary is referred to as an XBRL taxonomy, the specific system of tags. Once an organisation has the appropriate taxonomy, it can enable its reports for XBRL. From there, organisations can more easily use and share data from the reports within the organization and between organizations. XBRL-aware applications can take advantage of the high level of specificity and self-describing nature of the tags to automatically process the information for purposes of reporting and analysis. XBRL is independent of any hardware platform, software operating system, programming language or accounting standard. XBRL International XBRL International is a not-for-profit consortium of approximately 550 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption. The consortium members meet periodically in international conferences, conduct committee work regularly via conference calls, and communicate in email and phone calls throughout the week.
IFRS XBRL Taxonomy The IASC Foundation (IASCF) has developed a high quality XBRL 'taxonomy' for IFRSs (in effect, a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs) that will be maintained in line with the annual Bound Volume of IFRSs. In November 2002, the XBRL International Steering Committee (ISC) issued the IAS Primary Financial Statements (PFS) Taxonomy as an XBRL Recommendation and also issued the IAS Explanatory Disclosures and Accounting Policies (EDAP) Taxonomy as a Public Working Draft. Both the PFS and EDAP taxonomies are available on the Internet from XBRL International's XBRL Resource Center. The PFS Taxonomy includes XBRL representations of a classified balance sheet, an income statement, a statement of changes in equity, and a cash flow statement. The PFS Taxonomy encompasses the core financial statements that private sector and certain public sector entities typically report in annual, semi-annual, or quarterly financial disclosures as required by IAS 1.7 and IAS 34.8. Significant accounting policies and other explanatory notes are modelled in a separate XBRL taxonomy, the Explanatory Disclosures and Accounting Policies (EDAP) taxonomy, which has been released as a public working draft.
IASC Foundation XBRL Activities The IASB has created a Separate Section of its Website – www.iasb.org/xbrl that focuses on matters relating to XBRL. On that site you will find IFRS-related XBRL news, links to various taxomonies, extensions, translations, educational materials, and upcoming events, among other information. Fundamentals of XBRL On the IASB XBRL web page is an excellent overview of the Fundamentals of XBRL.
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September 2004: SEC proposes voluntary XBRL filings As part of its initiative to assess the benefits of tagged data and its potential for improving the timeliness, accuracy, and analysis of financial disclosures by public companies, the US Securities and Exchange Commission has proposed to establish a voluntary program allowing registrants to file supplemental financial information using eXtensible Business Reporting Language. The program would begin with the 2004 calendar year-end reporting season. In addition to domestic issuers, the voluntary program is available to foreign private issuers that otherwise file financial information prepared in accordance with US GAAP. The Commission also issued a concept release on the benefits and implications of tagging data for filers, investors, the Commission, and other market participants, and on the suitability of the XBRL format. Click for:
April 2005: Speech by SEC Staff on SEC and XBRL Click to download the Speech by SEC Staff (PDF 58k) "Remarks Before the 11th XBRL International Conference" by Peter Derby, Managing Executive for Operations and Management, Office of the Chairman, US Securities and Exchange Commission, and the XI XBRL International Conference, Boston, Massachusetts, USA, 26 April 2005. February 2005: SEC adopts a Programme for Voluntary XBRL Filings
The US Securities and Exchange Commission has established a voluntary programme for XBRL filings. Beginning with the 2004 calendar year-end reporting season, registrants may voluntarily furnish XBRL data in an exhibit to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. Click for:
May 2005: PCAOB Guidance on Audits of XBRL Data The US Public Company Accounting Oversight Board (PCAOB) has published staff question and answer guidance for auditors engaged to report on whether XBRL data furnished under the SEC's XBRL Voluntary Financial Reporting Program accurately reflects the corresponding information in the official SEC filings. Click for PCAOB XBRL Attestation Q&A (PDF 60k). August 2005: SEC Extends XBRL Test to Filings by Mutual Funds The US SEC has expanded its voluntary program of filings using XBRL to include investment companies (mutual funds). Under the SEC's New Rule (PDF 31k), mutual funds will be able to file XBRL exhibits to their annual report to shareholders and quarterly statement of portfolio holdings the US GAAP Investment Management classification system. Classification systems for commercial and industrial companies, banking and savings institutions, and insurance companies are already available under the voluntary SEC program. March 2006: SEC Announces 17 XBRL Test Companies The United States Securities and Exchange Commission has announced that 17 companies have agreed to participate in a pilot program to use interactive data in XBRL Format in their financial statement filings. The companies will help the agency explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves. Four of the companies are non-US registrants. The 17 members of the 2006 test group are:
July 2007: IASCF seeks members for two XBRL committees The Trustees of the IASC Foundation have invited applications for membership of two committees relating to the Foundation's work on XBRL – an XBRL Advisory Council (XAC) and an XBRL Quality Review Team (XQRT):
August 2007: IASCF update on XBRL-enablement of IFRSs The IASC Foundation has published an electronic newsletter with an update on developments in the XBRL-enablement of IFRSs. Click to Download the XBRL Update (PDF 105k). The newsletter includes hyperlinks to various XBRL resources. Discussion at the October 2007 IASB Meeting The Board participated in a session on the eXtensible Business Reporting Language (XBRL) project led by staff of the XBRL team of the IASC Foundation. The session was designed to refresh Board members' knowledge of the XBRL project and to bring them up to date on developments within the IFRS-related aspects of the project. In particular, the IASCF staff noted that its XBRL project team has expanded and now includes technical, accounting, and translation specialists. The XBRL team has put in place procedures that should enable it to ensure that revised IFRS XBRL taxonomies are released at the same time as the annual Bound Volume. Although the session was informational, several Board members expressed the hope that there could be even more cooperation between the XBRL project team and the IASB staff such that potential problems or inconsistencies in IASB standards could be identified through the XBRL tagging/taxonomy process, before the standard is issued. November 2007: Appointment of XBRL Advisory council and XBRL Quality Review Team On 22 Novemeber 2007, the IASCF appointed an XBRL Advisory Council and an XBRL Quality Review Team:
December 2007: Heads Up on US GAAP XBRL taxonomy On 5 December 2007, the US Securities and Exchange Commission released the XBRL US GAAP taxonomy for public comment. The taxonomy is a collection of computer 'tags' that can be applied to financial data included in SEC filings to make the data interactive and more useful to investors. The public comment period concludes 4 April 2008. Some time in 2008, the SEC is likely to propose a rule that would require certain registrants to incorporate interactive data into future SEC filings. We have posted the 10 December 2007 edition of the Heads Up Newsletter (PDF 111k) from Deloitte & Touche LLP (United States), which describes the US GAAP XBRL taxonomy. March 2008: IASC Foundation XBRL Update The XBRL team of the IASC Foundation has published the March 2008 IASCF XBRL Update (PDF 135k). The newsletter provides an update on the XBRL-enablement of IFRSs around the world. This issue has news about IFRS-XBRL internationally and from a number of jurisdictions, including Belgium, Europe, India, Ireland, Israel, Japan, Singapore, and United States. There is also information about the IFRS XBRL taxonomy and upcoming events. March 2008: IFRS 2008 XBRL taxonomy is published The International Accounting Standards Committee Foundation's XBRL Team has released the near final version of the IFRS XBRL Taxonomy 2008. The Taxonomy 2008 is a complete translation of IFRSs as published in the IFRS Bound Volume 2008 into XBRL, a computer language that is used to communicate information between businesses. The near final version of the IFRS Taxonomy 2008 may be downloaded without charge from the IFRS XBRL Website on www.iasb.org/xbrl/taxo.asp. The IASCF expects to release the final version at the end of June 2008. Click for Press Release (PDF 44k). May 2008: All SEC registrants (US GAAP or IFRSs) would file XBRL data The US Securities and Exchange Commission has proposed to require all public companies in the United States to file their data with the SEC in XBRL format. XBRL reporting would be required for registrants using either US GAAP or IFRSs as published by the IASB. The transition would take three years:
June 2008: Why you need to know about XBRL – New publication from Deloitte The questions are below. Download Deloitte's new booklet Why You Need to Know About XBRL (PDF 153k) for answers. The booklet is written from the point of view of a US SEC registrant, but most of the answers are relevant in a global context as well.
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